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BRUSSELS/BERLIN Germany signaled on Wednesday it was ready to back plans for the European Central Bank to be made the chief supervisor of banks, raising the prospect of a breakthrough on the European Union’s most ambitious financial reform. Finance Minister Wolfgang Schaeuble told the German cabinet he was “optimistic” about a deal ahead of a meeting of EU finance ministers in Brussels on Wednesday, a German official said, speaking on condition of anonymity. “We hope for major progress and perhaps a breakthrough (in the talks),” he said. “We have some questions but if they can be resolved by finance ministers [...]

BRUSSELS/BERLIN Germany signaled on Wednesday it was ready to back plans for the European Central Bank to be made the chief supervisor of banks, raising the prospect of a breakthrough on the European Union’s most ambitious financial reform. Finance Minister Wolfgang Schaeuble told the German cabinet he was “optimistic” about a deal ahead of a meeting of EU finance ministers in Brussels on Wednesday, a German official said, speaking on condition of anonymity. “We hope for major progress and perhaps a breakthrough (in the talks),” he said. “We have some questions but if they can be resolved by finance ministers [...]

Financial institutions have pulled back on mortgage lending since the housing bubble burst, but credit unions have increased their mortgage lending substantially. According to CreditUnions.com, credit unions originated 60% more first mortgages during the first nine months of 2012 compared to the first nine months of 2011. While bank customers should shop around for a mortgage lender to ensure they get the lowest rates and fees, credit union members may want to check with their credit union first. Credit unions often offer lower interest rates and fees than other financial institutions, and typically work with members on an individualized basis. [...]

NEW YORK At the request of a federal mediator, Boeing Co and the union representing its 23,000 engineers suspended talks on new labor contracts for the rest of the year. The move came Wednesday, a day after the mediator joined the negotiations in Seattle. The two sides have been bargaining since April to replace contracts that expired October 6. A 60-day extension ran out November 25, giving the union the ability to strike. Union leaders have said they would not call a strike until January at the earliest. “At the request of the Federal Mediation and Conciliation Service, negotiations between [...]

Plans to create a eurozone banking union hit a brick wall on TuesdayGermany’s finance minister cautioned over its quick creationEstablishing a eurozone banking supervisor is considered critical Ministers from other EU countries warned of the dangers of delaying (Financial Times) — Plans to create a eurozone banking union hit a brick wall on Tuesday after Germany’s influential finance minister cautioned over moving too quickly, casting doubts over whether the EU would seal a deal by the end of the year.The objections from Wolfgang Schäuble come just a week before a summit of EU leaders and raise the prospect of a [...]

BRUSSELS Germany and France clashed publicly on Tuesday over plans to put the European Central Bank in charge of supervising banks, deepening a dispute over the scope of ECB powers that threatens to derail one of Europe’s boldest reforms. With time running out to meet a pledge to complete the legal framework for an EU-wide banking union by the end of the year, Germany’s Wolfgang Schaeuble told a meeting of finance ministers he could not support a plan that would give the ECB’s Governing Council the final say on supervision. France’s Pierre Moscovici and the ECB protested against any watering [...]

N The union that represents Boeing Co’s engineers said Saturday it is trying to halt efforts by some of its members to call a one-day, unauthorized strike next week against the plane maker to protest the slow progress of labor talks. Union leaders have circulated a letter “asking members to ignore the call for a wildcat strike,” said Ray Goforth, executive director of the Society of Professional Engineering Employees in Aerospace (SPEEA) said in an email to Reuters. “We’ve also posted such messages on our Facebook page.” The response comes after union members apparently sent emails from fake accounts calling [...]

Boeing Co said on Thursday it proposed engaging a federal mediator in contract talks with the union that represents its engineers, citing significant differences on pay and benefits. “We hope the expertise of the Federal Mediation and Conciliation Service can help move the two sides toward a resolution,” Boeing said in a statement. Contracts with the Society of Professional Engineering Employees in Aerospace (SPEEA) union, which represents professional engineers and technical workers at the plane maker, expired in October. (Reporting by Karen Jacobs)

File photo of the EU commissioner for Internal Market and Services Michel Barnier.Barnier: EU finance ministers must urgently dispel doubts over their “political will” The EU commissioner who oversees financial regulation said: “Now is the time to decide.”Banking union talks have stalled in recent weeks as Germany, Sweden and others restate concerns(Financial Times) — EU finance ministers must urgently dispel doubts over their “political will” to create a single bank supervisor so talks do not drag on and upset “fragile markets”, the official spearheading the reforms has warned.In a pointed intervention ahead of a critical fortnight for the eurozone’s nascent [...]

COPENHAGEN/STOCKHOLM Scandinavian airline SAS on Monday sought a deal with the last union opposing its plans for severe cost cuts aimed at avoiding bankruptcy and securing the airline’s long-term future. SAS, half owned by the governments of Sweden, Denmark and Norway, said it had secured a deal with seven of eight unions on wage cuts, working schedule changes and pensions and had only the cabin crew union of Denmark to go. The airline, hit by competition from lower-price rivals, last week announced plans to cut some salaries by up to 17 percent and lower overall staff to about 9,000 from [...]